Tongling Jingda Special Magnet Wire Co., Ltd. (SHSE:600577) agreed to acquire an additional 20% stake in Tongling Jingda Liya Special Enameled Wire Co., Ltd., Tianjin Jingda Liya Special Enameled Wire Co., Ltd., Guangdong Jingda Liya Special Enameled Wire Co., Ltd. and Guangdong Jingxun Liya Special Wire Co., Ltd. from Liya Magnet Wire Co., Ltd. for approximately CNY 330 million on August 31, 2021. Under the agreement, 20% of consdieration payable within seven working days from the effective date of agreement, 50% payable before December 31, 2021 and remaining payable within 12 months from signing of agreement. Post completion, As of June 30, 2021, Tongling Jingda Special Magnet Wire Co., Ltd. will hold 90% stake while Liya Magnet Wire Co., Ltd. will hold 10% stake in each of the four companies. Tongling Jingda Liya Special Enameled Wire Co., Ltd., Tianjin Jingda Liya Special Enameled Wire Co., Ltd., Guangdong Jingda Liya Special Enameled Wire Co., Ltd. and Guangdong Jingxun Liya Special Wire Co., Ltd.has reported total assets of CNY 1.6 billion, CNY 798.29 million, CNY 2.2 billion, CNY 330.42 million and net assets of CNY 571.71 million, 293.49 million, CNY 614.14 million and CNY 212.44 million respectively. The Board of Directors of Tongling Jingda Special Magnet Wire Co., Ltd. has passed the resolution for the transaction. As of September16, 2021, shareholders of Tongling Jingda approved the transaction.